By Sabiu Abdullahi
The federal government has introduced two disbursement programmes, the Presidential Conditional Grant and the Presidential Palliative Loan, to inject a total of N150 billion into the economy.
According to a statement from the Minister for Industry, Trade and Investment, Dr. Doris Uzoka-Anite, the programmes are strategically designed to support businesses grappling with the aftermath of the fuel subsidy removal implemented on June 1.
Under the Presidential Conditional Grant Programme, the government plans to disburse a grant sum of N50,000.00 to nanobusinesses across all 774 local government areas in the country.
Collaborating with various stakeholders, including state and local governments, federal legislators, federal ministers, banks, and others, the programme aims to provide relief to the most grassroots-level enterprises.
Eligible nanobusiness owners are required to furnish proof of residence or business address in their local government area, along with personal and bank account details, for identity verification.
The government has also earmarked N75 billion for Micro, Small, and Medium-sized Enterprises (MSMEs) and an additional N75 billion specifically for manufacturers.
The loan facilities, offered at a single-digit interest rate of 9 percent per year, aim to stimulate growth and address financial challenges faced by businesses.
MSMEs can access loans up to N1 million with a three-year repayment period, while manufacturers can secure up to N1 billion for working capital with repayment terms of one year for working capital or five years for machinery and equipment.
The application process for these loans involves submission through a dedicated portal, with access facilitated through participating banks.
Applicants are required to meet their respective banks’ risk assessment criteria.
Noting its commitment to economic development and empowerment, the Federal Government believes these initiatives will foster entrepreneurship, spur job creation, and contribute to the overall economic recovery of the nation.
Interested parties can find more information and apply on the dedicated website for the programmes.